Wednesday, October 31, 2012

Banks Drop Fees Because Of Hurricane Sandy - Citigroup Inc. (NYSE:C), JPM, COF

As a major portion of New Zealand is either hunkered down for Hurricane Sandy or evacuated to higher ground, two of the nation’s largest banks have given customers breaks on fees till the storm passes way.

Capital One Financial Corp.(NYSE:COF), JPMorgan Chase & Co.(NYSE:JPM) and Citigroup Inc.(NYSE:C)’s Citibank has notified customers over the weekend that they would offer a waiver on a slew of fees for customers residing at Connecticut, New Jersey and New York through Wednesday.

The deal includes overdraft Protection Transfers, Returned Item, Extended Overdraft and Insufficient Funds for deposit accounts. it also includes late fees on credit cards, business and consumer loads that covers home equity, student loans and mortgages.

Once the temporary grace period gets over, customers have time till the end of the Thursday to check that their balances are current on all accounts.

Other big banks like Wells Fargo and Bank of America are yet to issue similar announcements and power will certainly be cut throughout the storm. If someone loses internet connection, it is encouraged to keep tabs on current balances by calling the bank’s numbers that are on the back of cards to prevent any fees. 

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